In just 10 years, Fidelity Bank Plc recorded a cumulative collection of more than N300 billion in Internally Generated Revenue (IGR) for all the three tiers of government. The revenue collection profile, which has been described as significant, given the declining monthly federal allocations to both state and local governments precipitated by the free fall in global oil prices.
The Managing Director/Chief Executive Officer, Fidelity Bank, Nnamdi Okonkwo, while speaking at the inaugural edition of the Anambra State IGR Summit, in Awka, Anambra State’s capital, said the bank had attained this feat by simply driving efficiency in the revenue collection process. According to him, the lender is properly positioned to play dominant roles in Nigeria’s electronic payments and services market.
“We pioneered informal sector IGR collections with our successful deployment of the Point of Sale (PoS) Terminal Tax Collections in Abia, Imo and Sokoto states”, Okonkwo stated, “As a bank, we deployed Automated Electronic Motor Vehicle License to Sokoto, Anambra, Abia and Kano states. We also successfully deployed the first electronic collection solutions for Ondo State, Anambra and Abia states Land Registry Automation Processes”, the bank chief said.
Okonkwo stressed the need for all tiers of government to seek alternative sources of revenue generation to meet financial obligations and live up to the expectations of the citizenry. Already, this model has also been requested for and adopted by other state governments.
Fidelity Bank Plc began operations in 1988 as Fidelity Union Merchant Bank Limited. By 1990, it had distinguished itself as the fastest growing merchant bank in the country. It converted to a commercial bank in 1999, following the issuance of a commercial banking license by the Central Bank of Nigeria, the national banking regulator. That same year the bank rebranded to Fidelity Bank Plc.
It became a universal bank in February 2001, with a license to offer the entire spectrum of commercial, consumer, corporate and investment banking services.
The current enlarged Fidelity Bank is the result of the merger with the former FSB International Bank Plc and Manny Bank Plc (under the Fidelity brand name) in December 2005.